Payment Processing for Online Gaming

Tuesday, February 18th, 2020

Strategic Amendments in Federal And State Laws Have Opened Doors For The Growing Online Gaming & Casino Sector

High-risk merchant services like Best Payment Providers (BPP) are now more willing to onboard e-gaming ventures— to help meet the need for speed in payment processing. Gamblers, game freaks, and merchants want easy, fast and secure payments which payment processors must now step up to.

Merchant account fees are slightly steep for Gambling & Gaming retailers because of the many legal issues surrounding the industry. Every state sets its laws, but national regulations suffice. However, one US supreme court found that the PASP Act (that hindered most gaming and gambling activities) was against the 10th Amendment.

The sector is also prone to fraud, which makes it a no-go-zone for account providers— and for underwriters, more risks will mean a higher fee.

Online Gaming & Gambling Merchant Account Offers

The challenge for businesses in this niche is the risky nature of dealings involved in a game or gambling venture. Apart from the many compliance issues, this line of business is prone to many chargeback levels.
They often end up with rejected application requests or account shutdowns after a few months of processing payments.

But with high-risk merchant service providers like EU Paymentz, retailers can gain access to merchant accounts for
1. Online Casinos
2. Online Bingo
3. Online Poker
4. Mobile Gaming
5. Mobile Gambling
6. Lotteries
7. Social Gaming
8. Horse Racing

Such providers understand the nature of business in the gaming industry and can offer a reliable solution for your online gaming or casino startup.

Opening an Online Gambling and Gaming Merchant Account: Application and Fee Requirements

A typical underwriting procedure will involve going through the routine KYC process. You’ll also need the following documents;
• A Passport or Driver’s License
• A Voided Check
• Bank statements 3-6 months
• Transaction volume Statements 3 to 6 months
• EIN or SSN
• Chargeback levels under 2 percent

Note: Underwriters may ask for more documentation or information that merchants should be willing to provide for a frictionless application process.

Apart from a simple application procedure, you also get a quick response and, sometimes, immediate approval in as soon as 24 hours.

To get your business up and running, many high-risk merchant service providers can get your account running in as little as three business days.

Are You Ready to Apply?

Well, you now know what it takes to open an online gaming or gambling merchant account. But do you have what it takes to send an application that will yield good results? Don’t rush! Get everything you need ready to increase your chances.